Bindi Norwell, Chief Executive at REINZ says: “The unrelenting pace of property sales continued in February, with a 14.6% uplift on sales volumes compared to the same time last year; the highest number of properties sold for the month of February in 14 years.
It’s highly likely that some of this uplift can be attributed to both investors and owner-occupiers looking to purchase ahead of the LVR restrictions coming back into effect in March and the slight uplift in listings we’ve seen over the last couple of months.
“Median house prices in Southland increased 22.5% annually in February from $320,000 in 2020 to $392,000 in 2021. Activity in the region is expected to remain steady with potentially lower levels of investor interest in the coming months as LVRs return.”
The median sell price for Invercargill City last month was $390,000.
Southland -Compared to February 2020
• Median Price up 22.5%
• Sales Count up 15.3%
• The current Days to Sell 23, is much less than the 10-year average
The full REINZ Report for February 2021, click here to view.